Cyber Monday to Be Followed by “How Did I Miss That 19.9 Percent APR Tuesday”

Often touted as the biggest online shopping day of the year, Cyber Monday has never managed to live up to the expectations of the retail association that created it back in 2005.

And it probably won’t this year, either.

Because Cyber Monday has never been the biggest online shopping day of the year. At best, it’s a close second to December 13, which typically lays claim to that title.

But it’s a big day for online retail sales just the same, and it seems to be growing into its hype, having started as the 12th biggest online shopping day. This year, Janney Montgomery Scott LLC thinks the day’s sales may top $1 billion for the first time. And early indications suggest that number may not be as far off as it sounds. According to comScore, consumers spent $648 million online on Black Friday (Nov. 26)–9 percent more than they did last year. And they’ve spent $11.6 billion online since November 2–a 13 percent increase year-over-year.

“The beginning of the online holiday shopping season has gotten off to an extremely positive start, outperforming our earlier expectations,” comScore Chairman Gian Fulgoni said in a statement. “While this early spending surge reflects, in part, heavy promotional activity on the part of retailers occurring earlier this season, it is nevertheless a very encouraging sign.”